China. AMAC calls for development of third-pillar pension products
The Asset Management Association of China (AMAC) is calling on Chinese authorities to facilitate the development of private pension schemes – the third pillar in a pension structure – to mitigate mounting financial pressure on the country’s retirement system. AMAC Chairman Hong Lei says China’s pension system became more comprehensive with the establishment of the enterprise annuity (EA) system in 2004, a supplemental defined-contribution (DC) retirement plan for Chinese enterprises – the second pillar, along with the occupational annuity (OA)...